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Berger: Home Depot building up for a break

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Serge Berger, known as The Steady Trader, is looking at the stock Home Depot. He says it's closely correlated to the broader US housing market which he believes has benefited from last week's slightly dovish FOMC statement.

Serge notes that Home Depot had a sharp rally in 2014 but that over the last few weeks the stock has been consolidating. However, last Friday it rallied around 2% following that statement from the Fed. He now thinks it looks ready to break out of the Bull Flag Pattern which would release it to the upside.

Serge's tip is to buy at USD 117.50 with a target of USD 125 and a stop at USD 115.

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